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We React to the Money Disasters You Sent In… · The Curve

• 0:01
  Welcome to Raising the Curve, a podcast designed to teach you everything that you need to know
• 0:04
  to be better with your money.
• 0:06
  Come and learn alongside me, Sophie Hallwright, a total beginner from the finance expert,
• 0:11
  Victoria Harris.
• 0:12
  Sophie asks all of the questions you wish you could so that finance, investing and growing
• 0:16
  your wealth actually makes sense.
• 0:17
  Yes, it's expert education, but that we promise will not be boring.
• 0:21
  And in the wise words of Cher,
• 0:22
  My mom said to me, you know, sweetheart, one day you should settle down and marry a rich
• 0:27
  man.
• 0:28
  And I said, Mom, I am a rich man.
• 0:29
  Come and talk and learn and laugh with us because together we really can raise the curve.
• 0:36
  Before we dive into today's episode, we would like to just take a brief moment of your time
• 0:41
  to let you know about a little podcast we've done with Lexus.
• 0:44
  We all know what buy now, pay later is, right?
• 0:46
  You might not need a dress, you buy it, you get the dress, you pay it off later.
• 0:50
  That's not the most amazing way to use your money or to buy things.
• 0:53
  However, sometimes when it comes to say buying a new car, you might not have the full amount
• 0:58
  to pay straight away.
• 1:00
  And that's why car financing for some people could actually be a really amazing
• 1:04
  option.
• 1:05
  In this episode that we've recorded with Lexus, not the one that you're about to listen to,
• 1:09
  but you can find the link in the podcast show notes, we explain exactly how car financing works
• 1:14
  so that you can understand how you're paying interest off over time.
• 1:18
  Right now, Lexus has
• 1:19
  a deal that is 1.9% interest, which is incredibly low.
• 1:24
  If you are thinking, gosh, I would love a new
• 1:26
  car but I don't think I could put all the money down at once watch this episode you can follow
• 1:31
  the link in the podcast show notes and we'll explain exactly how the deal works back to today's
• 1:35
  episode thank you so much to everyone who sent their horror stories in because I think firstly
• 1:41
  great content secondly it's quite brave to admit the stuff that didn't go right there's some that
• 1:46
  are like lighthearted some that are actually kind of scary and confronting but you learn from other
• 1:51
  people's mistakes and I think yeah it's brave from everyone that sent it in and just wanted to say
• 1:55
  thank you because I think everyone will learn from what hasn't gone right.
• 2:00
  You're only normally
• 2:01
  hearing the stories that have gone really well and you don't really learn from those.
• 2:04
  It's like
• 2:04
  stocks.
• 2:05
  People are like, yeah, I invest in this.
• 2:06
  It's gone so well.
• 2:07
  It's like you never hear of
• 2:08
  the ones.
• 2:08
  Yeah, totally.
• 2:09
  So thank you for everyone for being brave.
• 2:10
  And we're going to read those
• 2:11
  out.
• 2:11
  The first one here is from Lily.
• 2:12
  I listened to a podcast in 2022 that suggested investing in
• 2:15
  Nvidia.
• 2:16
  Well, I didn't because I thought I don't understand AI.
• 2:19
  And so I'm going to do a Warren
• 2:20
  Buffett and not invest in things I don't understand.
• 2:23
  Still kicking myself every time
• 2:24
  NVIDIA's success is brought up.
• 2:26
  Lots of love you girls.
• 2:27
  Lily.
• 2:28
  Does this make you think actually that's not a horror story?
• 2:30
  I mean,
• 2:31
  I fully understand why she thinks it's a horror story,
• 2:34
  but your whole approach to investing is don't be stressed about the stuff you
• 2:38
  miss out on.
• 2:39
  That's kind of exactly what we try and teach people is invest in stuff you
• 2:42
  understand and know.
• 2:44
  Yes.
• 2:44
  But I think now she probably understands and knows AI,
• 2:47
  right?
• 2:48
  Right.
• 2:48
  Okay.
• 2:48
  Yeah.
• 2:49
  Yeah.
• 2:49
  I see what you're saying.
• 2:50
  Yeah.
• 2:50
  If I think of some of my biggest regrets,
• 2:51
  it's not investing in stuff,
• 2:53
  but hindsight's great.
• 2:54
  and you're always going to have that.
• 2:55
  It's how to deal with that psychology
• 2:58
  and realize as long as you invest in other things
• 3:00
  and didn't just not invest at all.
• 3:02
  I wonder also if maybe the learning here could be
• 3:05
  if you don't understand something
• 3:07
  but you have a sneaking suspicion
• 3:09
  that it might be a good investment or an idea,
• 3:11
  lean in to try and learn about it too.
• 3:13
  Totally.
• 3:13
  Because if three years ago you thought,
• 3:16
  I don't really understand AI,
• 3:18
  maybe I should listen to some podcasts about that
• 3:20
  before deciding.
• 3:22
  It's fine to not know about something.
• 3:24
  You know what is in close proximity, what your friends talk about, what job you're in.
• 3:30
  You're not going to always know about things, but perhaps it's just having a curious mindset of this is something I don't understand.
• 3:35
  I'm going to try and lean into learning more.
• 3:37
  Yes.
• 3:37
  Agreed.
• 3:38
  You know?
• 3:38
  Yeah.
• 3:39
  Because then you might have thought, actually, shit, this is a great opportunity.
• 3:43
  I'm going to invest in it.
• 3:44
  Okay.
• 3:45
  This is from Hannah.
• 3:46
  I recently opened a savings account with a 5.2% return.
• 3:50
  Quite high.
• 3:51
  Very good.
• 3:52
  Nice work, Hannah.
• 3:54
  In that account, I can withdraw from my money the same day.
• 3:56
  No waiting period.
• 3:57
  Very good if you have an emergency or you need your money.
• 4:00
  I also opened a fixed-term account, which is what, Vic?
• 4:03
  Like a term deposit.
• 4:04
  As I'm doing some renovations and had a large amount of money sitting in the bank while I wait for the building process to begin.
• 4:11
  I figured it was much better to have it in a fixed-term account earning 6.25 than with the bank getting sweet F-all.
• 4:18
  However, I would say 5.2 is not sweet F-all.
• 4:21
  Stop narrating.
• 4:22
  Sorry.
• 4:22
  and I knew no building or deposits would be needed for at least six months.
• 4:27
  The fixed term account is a term deposit and you can only access the money every three months.
• 4:32
  To withdraw, you need to put in a request before the term renews.
• 4:38
  As the end of my three-month
• 4:39
  term got close, I started drip feeding my day-to-day money from my savings into the term
• 4:45
  saver to get that 1.05 extra for eight weeks.
• 4:49
  Each week I'd assess how much I'd need and empty
• 4:53
  a bit more into my daily account to the point that I almost emptied the whole thing.
• 4:57
  So she's
• 4:57
  basically saying she's putting all of her extra money into this term deposit as she leads up to
• 5:02
  this like cutoff where she needs to take the money out.
• 5:04
  Okay.
• 5:05
  As we rolled into October,
• 5:07
  I went to put in my withdrawal request and to my horror realized the term had renewed.
• 5:12
  I tipped basically all my daily spending which I used to pay bills and living costs into a deposit
• 5:18
  that I now can't access until January.
• 5:22
  Shit I felt sick I had no money to live on I meant to
• 5:26
  be going to Mexico in January and my flight money was in that account too.
• 5:31
  I can see where I went
• 5:32
  wrong the wording said withdrawal request to be received by October but in my mind I read that as
• 5:39
  withdrawal request to be received in October.
• 5:41
  Oh God, that's quite a classic mistake, isn't it?
• 5:44
  I hadn't double checked exactly when the term was ending.
• 5:48
  What a massive oversight.
• 5:50
  There's a big
• 5:50
  difference in such a small word.
• 5:52
  Hands up, I made a big mistake and I learned a really valuable
• 5:54
  lesson.
• 5:55
  Also, is it just me or do facilities do wording like this deliberately to confuse and
• 5:59
  catch us out?
• 6:00
  That is so shit.
• 6:02
  I've actually heard this happen a few times to people.
• 6:04
  Really?
• 6:04
  And it
• 6:04
  is one of the things with the term deposit.
• 6:07
  It's like, it does just keep rolling over.
• 6:09
  Like you
• 6:09
  have to stop the term and they're not going to alert you and be like coming up to your day like
• 6:14
  they obviously want to keep your money and it's like a subscription kind of and for a lot of
• 6:18
  people that probably works right because they just have money in a term deposit not for set for
• 6:23
  something that they want to withdraw it for they probably just are rolling it as then using it as
• 6:26
  a savings account what do you mean to do though all your money you just have to bite the bullet
• 6:31
  i guess and pay the exit fee because like you can get your money out it just costs you because
• 6:36
  you're breaking a contract essentially so they do charge you um a breaking term fee this is like a
• 6:42
  breaking a lease fee you just have to pay more it's like um i don't know how much it would be
• 6:46
  on this one but it's probably something that she would have to do uh it's a hard to swallow when
• 6:51
  the whole reason you did in the first place was to try and get more returns and you're trying to
• 6:54
  be clever about it and you're trying to get extra and then you end up having to kind of probably
• 6:59
  lose out on the returns because you have to pay the break yeah yeah yeah and i think it's uh if
• 7:04
  in doubt like reach out to someone in the bank and be like what is the cutoff date or you know
• 7:08
  so you're just like super clear and put like a million reminders in your bank in your diary
• 7:12
  such a shit one uh it's another one from sam that says buying my first ever stocks in a danish
• 7:18
  company called novo nordisk at 130 pounds a share in may 2024 the company is the highest valued
• 7:25
  company in europe and worth more than the entire danish economy and i picked them basically
• 7:29
  solely on the amount of demand for ozempic first month is dandy i love the word dandy
• 7:35
  continue to invest small amounts and stock price continues to go up reaching a peak in late june
• 7:39
  within three months it publishes disappointing results for new medicines begins losing its
• 7:44
  monopoly on weight loss drugs to a competitor which is more effective slash its earnings forecast
• 7:49
  and its share price halves decide to hold on to my shares given the huge demand for these medicines
• 7:54
  and thinking they'll have a breakthrough soon but it doesn't really materialize so i've bought this
• 7:58
  stock at almost the highest price it's ever been, the share price crashes, and the value of the
• 8:02
  pound significantly falls against the dollar, the shares aboard in US dollars, and now my investment
• 8:07
  is only worth about a third of what I initially invested.
• 8:09
  Oh my god, devastating.
• 8:10
  This week,
• 8:11
  their board had a meltdown and the chairman and six directors quit, so obviously not optimistic
• 8:15
  about any recovery.
• 8:16
  Decided in August 2024 to invest in Eli Lilly, who are doing better instead,
• 8:21
  that's the competitor.
• 8:22
  Within two months, they slashed their revenue expectations, causing the
• 8:25
  share price to drop 13% in a day.
• 8:27
  The pound continues to fall against the dollar,
• 8:29
  and then Donald Trump assumes the presidency,
• 8:31
  threatening tariffs on pharmaceuticals.
• 8:33
  He forces Eli Lilly to hike the price of meds sold in the UK
• 8:36
  against their will, pushing people into Novo's products.
• 8:39
  In August 2025...
• 8:41
  Oh, Jesus, and they've sold their Novo in orders.
• 8:43
  Oh, my God.
• 8:44
  In August 2025, Eli Lilly also releases disappointing results
• 8:47
  for their new weight loss tablet, causing shares to fall by almost 15%,
• 8:52
  and the state of Texas take them to court
• 8:53
  for illegally bribing clinicians to prescribe their medicines.
• 8:56
  So moral of the story is don't put your eggs in one basket that's on a diet
• 9:00
  and don't choose to invest in companies just because all of your friends want to buy their product.
• 9:05
  Oh, so many things in that one.
• 9:07
  I mean, what screams out to me is diversification.
• 9:10
  Like this is a prime example of why we say do not invest in multiple things.
• 9:16
  I think it sucks because it sounds like Sam really was doing his or her research in terms of
• 9:23
  100%
• 9:23
  knew what was going on
• 9:24
  was trying to stay
• 9:25
  informed
• 9:26
  was really
• 9:27
  like wasn't being
• 9:28
  a passive
• 9:28
  oh I'm just gonna like
• 9:30
  chuck money here
• 9:31
  even the fact that
• 9:33
  he or she is across
• 9:34
  like the fact that
• 9:34
  six people in the board
• 9:35
  you know
• 9:36
  I just think it sucks
• 9:37
  when you're trying that hard
• 9:38
  totally but I'm also like
• 9:39
  we're talking about a year here
• 9:41
  you know
• 9:42
  oh so your thing is
• 9:43
  you could have held on
• 9:44
  I could have gone down
• 9:44
  I'm kind of
• 9:45
  it sounds like they still
• 9:46
  he or she still has the shares
• 9:48
  don't stress yet
• 9:48
  you haven't actually lost money
• 9:50
  yeah
• 9:50
  I'm like yes it's fallen 50%
• 9:52
  this year but i'm also you're right it is one of the leaders in the weight loss space
• 9:57
  well there's eli lilly now but they're both leaders in the weight loss glp1 drug space they've
• 10:03
  got you know before even all of that it was a very very valuable pharmaceuticals company we still
• 10:10
  need health care we still need pharmaceutical i don't know i'm just like mate it's only been a
• 10:14
  year mate mate mate mate keep going yeah but diversification and long-term view is kind of
• 10:20
  the advice yeah so like don't just be going in the dark culture space yeah okay this one Delaney
• 10:27
  love that name buckle up because it's been a ride flashback to early 2010 I was young clueless and
• 10:33
  reeling from the death of my mom oh that's fucking sad I knew next to nothing about investing other
• 10:39
  than property seemed to be the way to do it in New Zealand when she passed I found myself the
• 10:44
  owner of a freehold home which means that the property you you own the land as well as the
• 10:51
  whereas less hold you just own the house yeah when i barely had a hundred dollars to my name
• 10:56
  so i was right for the picking when along came oh god i hate where this is going
• 11:01
  mr and brackets want to be big an older man with aspirations of being auckland's next big property
• 11:07
  developer next minute i have a live-in boyfriend and i've somehow been convinced to use the equity
• 11:12
  in my home to secure a mortgage for our first investment project oh i'm actually really scared
• 11:18
  of this.
• 11:18
  Okay.
• 11:20
  Three brick and tile units in need of a do-over.
• 11:23
  We renovate and sell each one in
• 11:25
  turn and it's a success.
• 11:27
  Within six months, we've made 160,000 in profit.
• 11:28
  I'm rich.
• 11:29
  On the day the
• 11:32
  money arrives, I dutifully withdraw my share to pay back the loan and I'm shocked when Mr.
• 11:37
  wannabe big flips out.
• 11:40
  He tells me he's already lined up another investment project and convinces
• 11:43
  me to keep my money in and the loan open for the time being which to be fair a lot of people do
• 11:49
  right yeah especially if you'd made that much you'd be like oh cool okay let's do it again
• 11:53
  this is what i did okay at this point oh my god i feel like i need to take my shigley off
• 11:59
  at this point we had no contract in place no assurances that the loan i've taken out will
• 12:03
  be paid back or what my share of the profit would be but i love him in brackets i think
• 12:09
  and trust him in brackets, I think.
• 12:11
  So I ignore the feeling that I'm getting in over my head.
• 12:13
  He seems to know so much about finance and investing after all, dot, dot, dot.
• 12:17
  The projects keep coming.
• 12:18
  We buy and resell plots.
• 12:21
  We subdivide land and things seem to be moving
• 12:24
  ahead until I finally wake up to the red flags and pull the plug on the relationship.
• 12:29
  Right
• 12:29
  decision, but I might have thought about getting my name on the ownership titles first.
• 12:33
  Oh my
• 12:34
  effing God.
• 12:35
  As it stood, our property was in my ex's company's name and I was relying on his good
• 12:40
  graces to repay my loan, let alone share profits.
• 12:44
  After months of chaos, he calms down and agreed
• 12:46
  to meet.
• 12:48
  He said the sale was progressing and the money would hit our joint account by the end of
• 12:52
  the month.
• 12:54
  You can guess what happened next.
• 12:55
  The money didn't arrive.
• 12:56
  He said another project had
• 12:58
  come up and if he'd paid me back, he couldn't pursue it.
• 13:02
  And how unfair would that be to his
• 13:03
  dreams oh darling he promised to cut me into the profits instead they never came the project failed
• 13:10
  and I was left with nothing but a $300,000 loan and an aching wish that my mum were around to
• 13:15
  give advice oh god eventually I mean honestly when you're also grieving and it's like when you get
• 13:23
  sick and all you want is your parents like if something goes like terribly wrong like you just
• 13:27
  want a hug eventually the stress of the loan became too much and I sold my house while I
• 13:31
  still wish I'd booted Mr. Snake Oil to the curb sooner.
• 13:35
  I can see now that it was the turning
• 13:37
  point in becoming an adult with my finances.
• 13:39
  I read up on investing.
• 13:40
  I learned that property
• 13:41
  isn't the only game in town.
• 13:42
  That was huge.
• 13:43
  The happy ending here is that I put what was left
• 13:46
  into boring low-cost index funds and watched them quietly grow ever since.
• 13:52
  I learned what
• 13:54
  building wealth really means.
• 13:55
  Slow and steady wins the race 99% of the time.
• 13:59
  And if you're
• 13:59
  going to fall for a Mr. Big type, know your own shit before listening to him.
• 14:04
  And for the love
• 14:05
  of God, get independent legal advice.
• 14:07
  That is, if anyone is listening to this, please do that.
• 14:11
  Final note, I know that it sounds a bit poor little rich girl as inheriting a house was an
• 14:16
  insane privilege.
• 14:18
  Even without all this drama, I know that I'm lucky.
• 14:21
  But back then in the early
• 14:23
  2010s, there wasn't much accessible financial education for young women.
• 14:27
  And I can only imagine
• 14:28
  how different things might have been if I had your podcast around at the time.
• 14:32
  That actually makes me feel so sad.
• 14:34
  Thanks for what you're doing.
• 14:35
  Keep up the good work.
• 14:37
  It's so shit how many people take advantage of people
• 14:41
  that don't know what they're doing.
• 14:43
  Like, God, the fact that she can actually see, have a positive mindset.
• 14:46
  I was going to say, she's not bitter.
• 14:47
  Like, I'd be so gutted.
• 14:50
  But I think it's like so right.
• 14:52
  Like, Sloan Steady wins the race 99% of the time.
• 14:54
  It's like just invest consistently and regularly
• 14:57
  and you know that will do what you need you don't need to get a quick one overnight 10 years might
• 15:03
  seem like such a long time but like honestly you'll blink and it will be 10 years do you know
• 15:07
  what I mean I just think yeah if you start trying to make quick wins and invest in things I get asked
• 15:13
  all the time honestly even the other day through dms you know what's something that I can invest in
• 15:19
  that's gonna do well in the short term I'm like if I knew that I would be doing this
• 15:25
  I think Delaney the piece that you said about financial advice and speaking to people
• 15:31
  oh yeah is the most important part of that you know a lot of the time we avoid spending on things
• 15:37
  like legal fees because it sounds so outrageous and you never think worst case scenario I think
• 15:43
  there's a really fine balance between approaching something with positivity and optimism and like
• 15:47
  this guy could have been really great he could have been amazing but you do have to have a level
• 15:52
  of skepticism when it comes to money it is technically business yeah you are in a business
• 15:56
  dynamic it's not just love and where should we go for brunch you know you have to have your wits
• 16:01
  about you and i think that it doesn't matter how amazing your relationship is always think
• 16:07
  this this could like any investment or any financial decision actually be a disaster and
• 16:12
  if he truly loved you and you had approached to be like hey can we just put this in writing or hey
• 16:16
  i just want to get some advice he'd be like yeah cool no worries he'd be like smart yeah good work
• 16:21
  But you're so right, I think.
• 16:22
  And it doesn't necessarily have to be legal advice in the first instance.
• 16:28
  If you just have a friend that you really respect that might know a thing or two about property or finance or investing, just pick up the phone and talk to them.
• 16:36
  If anyone did that to me and was like, hey, look, my boyfriend wants me to do X, Y, Z, what do you think?
• 16:43
  even a tiny bit of advice or I might not be able to help and you I'd be like oh but actually you
• 16:48
  should talk to Stephen he's great to talk to people and I think it was like when we had Tracy
• 16:53
  Hall on about when she got scammed and she was like one thing I wish I'd just spoken to my friends
• 16:58
  about what he was doing and investing in because some of my friends worked in finance and they
• 17:04
  would have been like hang on that doesn't exist and like also just like talking out loud you kind
• 17:10
  I don't know how to explain it.
• 17:11
  It takes the sting out of it.
• 17:12
  It makes you realize there's something about talking it through,
• 17:16
  even if it's just the act of saying something out loud.
• 17:18
  What I will say is 15 years ago, there was nothing that existed around financial education.
• 17:25
  And also, no one talked about money.
• 17:26
  So I so see how this happened.
• 17:29
  I think this day, though, even just being to your friends,
• 17:32
  hey, look, my boyfriend's investing in this project.
• 17:35
  You don't know.
• 17:35
  They might have an uncle or an auntie or a friend that actually works on that project development.
• 17:41
  You know, you never know people or they might have been through a similar situation and been like, oh, gosh, babe, just make sure that you get this sign and ask these questions.
• 17:50
  Just from a simple conversation, we just need to talk to each other.
• 17:53
  Yeah.
• 17:53
  Yeah.
• 17:54
  Okay, last one.
• 17:55
  Should we do a voice note?
• 17:57
  So this is my financial horror story.
• 17:58
  I'm not sure exactly which year it was, but I know it was during COVID because I was exercising in a park when my dad gave me a call and said, Tim, did you get that money?
• 18:08
  What's happened?
• 18:09
  You know, you just you just called me up and said you said you'd lost your phone and you need you need you need three grand.
• 18:15
  I said to him, no, I haven't.
• 18:18
  This is mine.
• 18:19
  I said, no, but you've lost your phone, haven't you?
• 18:21
  I said, how how are you calling me on this phone if I've lost my phone?
• 18:26
  and at that point he just went oh and just hung up so it turns out someone had called him up
• 18:34
  and imitated me and asked for three grand and he happily went through the process of obviously
• 18:39
  verifying checking the box this is definitely not a scam and everything and then just giving
• 18:44
  three grand what makes the whole thing even more bizarre is that my dad is is not a generous person
• 18:50
  he's very stingy and growing up you know would never part with cash and even christmas and
• 18:54
  birthdays you're looking at cds and books and i never asked for money i never asked for that
• 18:59
  amount of money and i don't believe the person who scammed him even really gave a good reason
• 19:04
  but he just happily did it so he eventually did get his money back i think it took about three
• 19:08
  or four months for santander to sort that out but yeah he got his money back and uh the moral of the
• 19:14
  story there is just don't assume your parents are intelligent enough to not get scammed because
• 19:19
  they are so keep an eye on them and uh yeah look out for them make sure they're educated
• 19:25
  I'm just, I'm sorry, but the dad, that's so cute.
• 19:30
  I don't reckon my dad would.
• 19:31
  I know, but my parents would.
• 19:32
  I don't know, there's just so much technology these days, right,
• 19:35
  and like AI and all of that,
• 19:36
  that probably makes them sound very similar to his son.
• 19:40
  And when your kids are in distress or in trouble,
• 19:42
  like you'd do anything for them.
• 19:45
  Oh, that's gutting.
• 19:46
  That's so, that's really like, also Tim sounds hot.
• 19:51
  don't you reckon the british accent is just so sexy like what is it i just wish i wish i could
• 19:58
  have a british accent yeah i think also like thankful to santandere for returning the money
• 20:03
  there are certain banks and it's not all the cases though so like that's probably quite a
• 20:08
  unique case they got their money back because totally because we knew transferred money to
• 20:13
  the wrong account oh god yes oh my god that was so it was so shit it was for these earrings actually
• 20:20
  it was like 700 or something it was a lot of money 800 and I you rung the bank to ask I know
• 20:25
  basically what happened was I transferred it to the account that I was mean anyway I had put like
• 20:31
  a number wrong or something and it went to some random person you put the name of the account
• 20:35
  yeah and then that the bank was like sorry can't do anything about it and I was like you're like
• 20:39
  the bank account doesn't match up with the name I've clearly like messed something up here and
• 20:44
  like and they said to me the only reason the only way we can get this money back is the person that
• 20:47
  you've transferred it to gives permission for the money to be retransferred.
• 20:51
  So I was sitting there waiting for,
• 20:52
  but that was going to cost you 300.
• 20:54
  I had to pay them to get it back.
• 20:56
  It was so stupid.
• 20:57
  And I was just sitting there being like,
• 20:58
  they that's right.
• 20:59
  They made me pay for them to do an investigation,
• 21:02
  to contact the person who I'd accidentally transferred it to.
• 21:05
  But they were like,
• 21:06
  there's no guarantee you'll get this back.
• 21:07
  It's all down to the good of this person.
• 21:10
  And I was like,
• 21:10
  if that absolute twat doesn't give me my money back.
• 21:13
  You should transfer that person.
• 21:15
  One cent.
• 21:16
  I'll just say,
• 21:16
  please.
• 21:17
  and write right in the description one cent be like if you oh yeah give me my money and just
• 21:23
  hound them until they give it back anyway but yeah poor tim's dad yeah but yes i think if in doubt
• 21:30
  or if that is out of the blue for anyone if a friend calls you if a child calls you anything
• 21:35
  if you have a weird feeling yeah just i don't know message a friend of theirs and be like hey
• 21:40
  has so if actually lost a phone or call them or like just get an extra level of i think i think
• 21:45
  the thing is it's so easy to get tricked these days and I don't actually think it comes down
• 21:49
  to intelligence um okay we've got one more from Anna okay Anna says I wanted to share my financial
• 21:56
  horror story with you but it's long and it might put people off investing unless you state that
• 22:01
  the FMA has dramatically increased regulations since this happened I got stuck oh oh no I got
• 22:07
  stuck in the David Ross Ponzi scheme now for context David Ross was a financial advisor in
• 22:12
  New Zealand and he managed like millions of people like millions of money lots of people money uh
• 22:19
  and but the pons a ponzi scheme is when I go to you I'm like so give me your money I'll invest
• 22:24
  in and make it grow you give me let's say a hundred dollars for argument's sake and then you
• 22:30
  go hey Vic what's my return being this year and I go shit it's actually gone down so I go to Emily
• 22:36
  go Emily give me your money give me a hundred give me a hundred quid uh to invest now I've got 200
• 22:41
  and then I go back to Sophie and be like see look we've got 200 then you go cool cool cool and then
• 22:44
  Emily goes you know what's my return I'm like oh god so I go to Lucy and I'm like Lucy I need more
• 22:48
  money you know so it looks like but it's artificially it's artificial returns essentially
• 22:52
  it's just that it looks bigger but it's relying on everyone else so as soon as you go I need to
• 22:58
  pull my money out the whole thing unravels yeah okay right and it's illegal very very so this
• 23:03
  financial advisor was doing this with heaps of different people um yes so David Ross he I think
• 23:09
  it's based in the south anyway it was quite well known unfortunately a lot of poor people
• 23:14
  lost their money and yes anyway okay i got stuck in the david ross ponzi scheme along with my mom
• 23:20
  dad and our neighbors and many investors in the lower north island he ruined lives it was people's
• 23:26
  retirement money many of them had to go and get cleaning jobs at local rural school instead of
• 23:32
  enjoying their retirement oh my god that actually breaks my heart and
• 23:38
  people have worked so hard for like i just hope that like people like david ross
• 23:43
  don't intentionally set out to do this to people that they kind of just get like
• 23:48
  too far in and then there's no out but they don't like their intent their intention wasn't
• 23:55
  to do it from the beginning yeah i just feel like maybe their first investment didn't go well and
• 23:59
  you know if you get if you take a loan and then you're like oh gosh now i'm in debt and i take
• 24:03
  another one.
• 24:03
  It's like you tell a small lie not thinking
• 24:05
  it's going to like snowball and then you have to tell
• 24:07
  another one and then all of a sudden.
• 24:09
  It is honestly my biggest fear like
• 24:11
  saving all this money to retirement and
• 24:13
  then having to work and not
• 24:15
  live in the years that you
• 24:16
  have.
• 24:17
  It's a whole point.
• 24:17
  Yeah.
• 24:19
  Anyway.
• 24:20
  He took generations of
• 24:21
  money savings.
• 24:22
  This sounds elite but the
• 24:23
  reality was people used to try keeping money
• 24:25
  for their kids and then for their kids.
• 24:27
  They would make huge sacrifices to do
• 24:29
  this and there were never any overseas holidays
• 24:31
  or label clothing where we lived.
• 24:33
  Long-term goals and plans were wiped out in one sad day.
• 24:36
  The opportunity cost, it was the what if that was the hardest to take.
• 24:40
  For example, I saved £500 a week living away from my friends in Nottingham instead of London
• 24:46
  so that I could come home with a house deposit.
• 24:48
  When I traveled, I did it on a shoestring.
• 24:50
  I could have seen way more of the world and done more things while I had the chance.
• 24:55
  That is often the hardest thing to take.
• 24:57
  Now that our kids are getting older, I also know that money would have made a profound
• 24:59
  impact on their lives, to help their education or to help them secure a house in the future,
• 25:04
  to set them up so it's not so hard going forward.
• 25:07
  But what I learned, never put all your eggs in
• 25:10
  one basket.
• 25:10
  The amount of people that did was crazy.
• 25:13
  Don't listen to your friends, do your
• 25:15
  own research.
• 25:16
  Money is really not everything.
• 25:18
  Community and relationships matter so much more.
• 25:20
  This taught resilience and everyone looked out for each other during this time.
• 25:24
  Some were so
• 25:25
  much worse off than others.
• 25:26
  When the carpet's pulled out from under you, it will hurt and it
• 25:29
  take time to get back up.
• 25:30
  I was lucky to be so young.
• 25:32
  So many older people didn't have the time
• 25:34
  to save enough money for their retirement again.
• 25:36
  I didn't invest in the stock market again until I
• 25:37
  started working in finance and realized that I really needed to get back on track.
• 25:42
  Always be
• 25:43
  grateful for what you do have.
• 25:44
  So much more I could say about this, but there is a snapshot anyway,
• 25:48
  written in a rush.
• 25:49
  Oh my God, Ana.
• 25:50
  God, I'm so impressed at the resilience with these people
• 25:54
  that have had such a shit hand out to them.
• 25:57
  I know.
• 25:57
  Like how is she such a good person?
• 25:59
  It was just thinking about, I don't know,
• 26:02
  I think that's really incredible.
• 26:04
  It was so hard to not be spiteful.
• 26:06
  That's what I mean.
• 26:07
  I don't know if I could share the story,
• 26:10
  but also share it with such grace,
• 26:12
  like always being grateful for what you do have.
• 26:14
  It also shows that money can come and go, right?
• 26:17
  And it's just, gosh, she would have learned so much
• 26:20
  about herself and about, like she said,
• 26:22
  community relationships, everyone looking out for each other, that would have taught you way more
• 26:26
  than.
• 26:27
  And also, you know, what she said about having spent, you know, less money on rent to
• 26:31
  live out of London, that she made all these really sensible decisions to be good financially.
• 26:36
  I don't know.
• 26:36
  I almost feel like what she said about wishing she had more for her kids,
• 26:40
  particularly, and being able to make it easier for them.
• 26:43
  I think the best thing you can do for
• 26:46
  your kids is set them up with the right mindset and the education and and they will be okay you
• 26:52
  know like she might not have the money to give to them or to like help with a house deposit but
• 26:56
  how she will be with money and how she approaches it and thinks about it will have such a profound
• 27:02
  impact on her kids I think two things firstly again diversify like don't put all your money
• 27:08
  with a financial advisor like this or as many people do though I know but I think it's I think
• 27:14
  it's you should i don't know make sure that they are investing in lots of different things though
• 27:20
  i mean it's so hard because he would have shown people fund updates and he would have shown them
• 27:24
  and he would have had so many other people the thing is your mom and dad have invested or like
• 27:29
  work with this but you trust yes oh totally and i think i think she's so right the fma so the
• 27:34
  financial markets authority in new zealand like the regulator has had a huge huge huge step up
• 27:42
  in terms of regulating.
• 27:43
  So there's people like this that don't exist.
• 27:44
  Like this is quite, this doesn't happen all the time.
• 27:47
  This was like, you know, once every 10 years,
• 27:49
  you kind of have someone.
• 27:50
  But with that, I think when you give your money
• 27:55
  to a financial advisor,
• 27:56
  or when you give your money to a fund manager,
• 27:58
  or when you sign up to a trading platform
• 28:00
  and they ask you those really frustrating questions
• 28:02
  and ask you to send your ID and ask you to like,
• 28:05
  that is all.
• 28:06
  They're trying to protect you.
• 28:07
  Totally.
• 28:07
  It's, yes, at the time it's so annoying,
• 28:10
  but there's a reason behind that and it's because people like this have created taken advantage of
• 28:16
  people and so they need to make sure that you know there are rules and regulations in place
• 28:23
  so this doesn't happen again thank you so much to everyone who wrote an email or sent a voice note
• 28:28
  i'm i'm low-key quite stoked we got one from a guy yeah i love that we're not trying to be
• 28:34
  everything for everyone i know there's lots of men that will not enjoy the way that we talk about
• 28:37
  finance but it's kind of cool there's probably lots of women that don't either yeah see ya okay
• 28:41
  bye thank you so much for listening to raising the curve these conversations are designed to
• 28:46
  teach you everything you need to know to be better with your money saving to investing to talking
• 28:50
  with your friends about your salaries all that stuff and if you like what you heard we would
• 28:54
  love if you could please hit subscribe wherever you're listening and leave a comment let us know
• 28:58
  what you thought about the episode and it only takes one second and it would really make our
• 29:02
  week our month our year yeah yeah so please do it okay love you bye
• 29:08
  Okay, quickly, the curve was created to empower and educate you about investing,
• 29:11
  but we are not financial advisors.
• 29:14
  Our platform exists for educational purposes only,
• 29:16
  and it doesn't provide personalized investing advice for your individual needs and should
• 29:20
  not be relied upon to make an investment or financial decision.
• 29:23
  And always remember to
• 29:24
  do your own research before making any investment or financial decision.
• 29:28
  We're here for any knowledge
• 29:29
  and support you need, but the final call is always yours.
• 29:32
  And thanks for being here.
• 29:33
  You got this.
• 29:34
  Yeah, we know you got this.